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Some AGs join chorus against activism

June 6, 2005

WASHINGTON - Business and financial services interests are opening a new front in their battle against activist state attorneys general, and some attorneys general are siding with them. The Financial Services Roundtable, a Washington group that...

Property insurance crunch is raising 'cane in Florida

May 30, 2005

NEW YORK - With another hurricane season starting on Wednesday - and many Florida property insurers either dropping policies or raising rates - advisers are warning clients to take insurance availability and cost into account when deciding whether...

Kansas toughens VA sale regs, beats NASD to the punch

May 30, 2005

NEW YORK - State insurance officials, rather than NASD regulators, have been the first to hit many independent-contractor broker-dealers where it hurts - how their affiliated registered representatives and advisers sell variable annuities. Last...

Life industry girds for tax reform battle

May 30, 2005

WASHINGTON - The life insurance industry isn't waiting for the president's tax reforms and instead is gearing up in advance of any proposals that would eliminate taxes on investment earnings. The recent announcement that MetLife Inc. of New...

Ex-SunAmerica rep indicted in scam

May 30, 2005

NEW YORK - The Department of Justice has charged a registered representative recently affiliated with SunAmerica Securities Inc. with mail and wire fraud connected with the sale of phony municipal bonds. Edwin J. Torres of Moraga, Calif., in...

NASD chief quits board of insurer tied to members

May 23, 2005

NEW YORK - NASD's chairman and chief executive has resigned from the board of directors of XL Capital Ltd., a Hamilton, Bermuda-based insurance and reinsurance company. Robert Glauber's resignation came amid conflict-of-interest concerns raised...

Bill would curb corporate-owned life insurance

May 23, 2005

WASHINGTON - Legislation that would ensure that corporate-owned life insurance is sold only to top employees was introduced in the House May 11 with the sponsorship of more than two-thirds of the members of the Ways and Means Committee. The...

Some states fight caps on securities law fines

May 23, 2005

WASHINGTON - State securities regulators are balking at capping penalties levied against financial services companies for securities law violations, even though the capping has been agreed to as part of model state securities legislation now...

FBI criminal probe could affect viability of some insurers

May 23, 2005

NEW YORK - The FBI's announcement this month that it is "looking for patterns of fraudulent activity" to determine whether the insurance industry is the "next big one" in the corporate-criminal arena may call into question insurers' business...

Broker-dealer CEOs' readiness for deadline

May 23, 2005

NEW YORK - By the beginning of December, securities regulators will be holding broker-dealer CEOs responsible for their firms' conduct and compliance. But some in the industry fear that some firms, already on the verge of being overwhelmed with...

The Mounties (very often) get their man

May 23, 2005

OTTAWA -The Royal Canadian Mounted Police are generally the last people one wants to meet - especially if one is involved in a securities crime. But such meetings are becoming more and more common. Sometimes the Mounties arrive with a splash....

Bill would make 529 exemption permanent

May 23, 2005

WASHINGTON - A long-sought-after goal of the Section 529 college savings plan industry - to make permanent the federal tax-exempt status of 529 withdrawals - received a major boost from two members of the powerful House Ways and Means Committee...

Message from ICI: Put shareholders first

May 16, 2005

WASHINGTON - The Investment Company Institute delivered a message at its general membership meeting last week that the mutual fund industry, roundly battered by trading scandals, should put shareholders first. For the most past, its message...

Widow asks court to overturn arbitration ruling

May 16, 2005

BALTIMORE - A court hearing held here last week to try to overturn an arbitration decision provides a look at how difficult the process can be for plaintiffs. Joseph Meyer, an NASD arbitrator and mediator, said: "The court has to see where there's...

Vanguard PAC drawing flak from advocates

May 9, 2005

NEW YORK - When it comes to political action committees connected to mutual fund companies, "very few of them are there to stand up for shareholders," said John Bogle, founder of the Vanguard Group Inc. in Malvern, Pa. Only time will tell if...

Fiduciary group clarifies stand on BD rule

May 9, 2005

WASHINGTON - The National Council of Financial Fiduciaries took steps last week to clarify its stance on the broker-dealer-exemption rule adopted recently by the Securities and Exchange Commission. The newly formed group, based in Potomac, Md.,...

Waddell & Reed case helps spotlight pitfalls of the 1035 exchange

May 9, 2005

NEW YORK - The recently announced $18 million settlement of variable-annuity-switching charges involving Waddell & Reed Inc., NASD and state regulators serves as a warning about the care required when advising clients to change annuity insurers....

Bankruptcy law will protect 529-plan assets

May 9, 2005

NEW YORK - Executives in the 529 college savings plan industry are praising an unheralded provision in the new bankruptcy law that protects assets in college-savings accounts. As it turns out, the Bankruptcy Abuse Prevention and Consumer Protection...

SEC unlikely to alter how it rations sanctions against fund firms

May 2, 2005

NEW YORK - The Securities and Exchange Commission is unlikely to change how it goes after fund companies that it suspects of wrongdoing, merely because it partially lost one court case, according to legal experts. The case involves a ruling...

NAIFA opposes creating association health plans

May 2, 2005

WASHINGTON - Insurance advisers are at odds with much of the small-business lobby over legislation that would pave the way for the creation of association health plans. The plans would allow small-business groups to band together to get more...

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